The EDM Strategy SICAV focuses on European equities, showcasing a consistent performance with higher returns and lower volatility compared to major indices through various market conditions. The investment philosophy emphasizes a long-term, bottom-up approach with concentrated stock picking, prioritizing quality, predictable businesses, and macro-trends. The fund is managed by a team of experienced professionals, and its strategy aims for outperformance while maintaining a defensive posture and high liquidity.

1. EDM Strategy Sicav
European Equities
January 2012 This document is reserved for professional investors only as defined by the MIFID

2. EDM Strategy Sicav Index
1- Fund´s Performance
2- Investment Philosophy
3- Portfolio
4- Fund Managers
5- Performance over the crisis
6- European Equities
7- About EDM
8- Summary
2

3. Performance
3

4. EDM Strategy Sicav Performance
Higher return and lower volatility
All EDM return data are expressed in euros and are stated net of expenses and fees. 4

5. EDM Strategy Sicav Performance
Consistent Alpha generation in both bear and bull markets
50%
EDM Strategy
30%
10%
-10%
Stoxx 50
-30%
-50%
-70%
2007
2000
2010
1999
2004
2006
2008
2008
2009
2005
2005
2003
2002
2002
2001
2011
Stoxx 50 has been selected due to its high concentration (50 weights) in European Equities,
including relevant countries such as Switzerland and the UK. 5

6. EDM Strategy Sicav Performance
Beating all the main european indices
130
120
110
100
90
80
70
60
50
40
30
ene-00
ene-01
ene-02
ene-03
ene-04
ene-05
ene-06
ene-07
ene-08
ene-09
ene-10
ene-11
EDM STRATEGY EURO STOXX 50 STOXX 50 MSCI Europe Local
6

7. EDM Strategy SICAV Performance
Ratings & Ranking
Ranking 2011: 32 / 345 EU Equity Funds
Ranking Allfunds Bank:
Rating Morningstar:
Rating Interactive:
Rating Lipper:
7

8. Investment philosophy
8

9. EDM Strategy Sicav Investment philosophy
Portfolio construction
• Long-only traditional investment style (bottom-up)
• Stock picking. No benchmarking (low overlapping against its benchmark)
• Long-term investment horizon (5 years on average)
• Low turnover (15% average for the last 6 years)
• High liquidity (92% of the portfolio can be sold within one trading day)
• Restricted investment universe: only 100 companies globally
• Concentrated portfolio, maximum 30 companies
• Always fully equity invested (competition among stocks)
• European currency diversification (EUR, GBP, CHF, DKK)
• 50% currency hedged (we do not predict currency fluctuations)
9

10. EDM Strategy Sicav Investment philosophy
Stock picking methodology
• Focus on understandable and predictable businesses at reasonable prices
• Management quality & integrity are crucial for us
• Demanding criteria: High quality of the business (ROE = 31%)
• Sustainable EPS growth (11%)
• Low debt balance-sheet (Net Debt/EBITDA = 0,9)
• Recurrent and solid cash-flows
• Companies focused on emerging markets to generate growth (1/3 Sales)
10

11. EDM Strategy Sicav Investment philosophy
Stock picking methodology
• Following certain long-term Macro-trends:
Western live style globalization
Outsourcing is increasing
“Low Cost” trend
Population aging
Increasing emerging markets exposure
• Lack of sectors that are not transparent in terms of profits:
Banking & Insurance
Cyclical sectors
Regulated tariffs
Commodities
11

12. Portfolio
12

13. EDM Strategy SICAV Portfolio
31-oct-11 (1) (2) (3) (3) (4) (5)
2011-2016 Dividend
PORTFOLIO TOP HOLDINGS ROE EPS Growth P/E 2011 P/E 2012 PEG Yield
ROCHE HLDG-GENUS 103% 7,5% 10,5 10,4 1,40 4,6%
Capita Group 6,49% STRAUMANN HLDG-R 20% 15,0% 19,8 19,8 1,32 1,2%
Roche 6,33% TELEFONICA 44% 4,0% 9,5 9,2 2,39 9,1%
TEMENOS GROU-REG 16% 15,5% 13,5 12,7 0,87 0,0%
Danone 6,13%
CHRISTIAN DIOR 18% 9,0% 14,7 12,8 1,64 2,1%
SAP 6,05% EUTELSAT COMMUNI 22% 10,0% 21,8 15,6 2,18 2,5%
Tesco 5,97% DANONE 17% 10,0% 16,7 15,6 1,67 2,6%
Grifols 4,38% AIR LIQUIDE SA 17% 11,0% 17,2 16,2 1,56 2,5%
ALSTOM 11% 13,0% 6,5 7,9 0,50 5,2%
Brenntag 4,13%
BRENNTAG AG 16% 12,0% 12,0 11,3 1,00 1,9%
Eutelsat 3,97% GRIFOLS SA 18% 15,0% 21,1 15,1 1,40 0,0%
BME 3,94% INDITEX 30% 10,0% 21,2 18,8 2,12 2,4%
BOLSAS Y MERCADO 34% 8,0% 11,0 10,9 1,37 9,5%
Wincor Nixdorf 3,77%
ESSILOR INTL 16% 15,0% 21,0 18,8 1,40 1,6%
COLOPLAST-B 46% 15,0% 15,8 14,2 1,05 1,3%
NOVO NORDISK-B 40% 11,5% 19,9 17,4 1,73 1,7%
SAP AG 20% 11,5% 16,3 14,5 1,41 1,4%
SODEXO 16% 10,0% 17,8 15,5 1,78 2,6%
WINCOR NIXDORF 31% 10,0% 11,7 10,8 1,17 4,2%
CAPITA GROUP PLC 49% 10,9% 14,8 13,5 1,36 3,2%
INTERTEK GROUP 33% 10,0% 19,7 16,7 1,97 1,6%
HOMESERVE PLC 29% 13,0% 12,3 11,2 0,95 3,3%
AGGREKO PLC 30% 11,0% 19,9 17,6 1,81 1,3%
RECKITT BENCKISE 35% 10,5% 13,2 13,0 1,26 4,2%
TALKTALK TEL 9% 10,0% 8,1 7,5 0,81 4,8%
TESCO PLC 17% 10,0% 11,2 10,2 1,12 4,1%
LINDT & SPRUE-PC 15% 10,0% 25,8 23,6 2,58 1,7%
TOTAL 31% 11,0% 14,0 12,9 1,27 3,0%
Source: Bloomberg
(1) Profit after taxes / Equity
(2) EDM estimates for 5 years CAGR
(3) EDM & Bloomberg data
13
(4) P/E 2011 / (2)
(5) Dividend/Price

14. EDM Strategy SICAV Portfolio
Sector Market Cap
Chemicals Micro
Consumer goods
Distribution 10%
4% Small
8% Food 5%
9% Giant
Medical Devices
IT 29%
11%
9%
Retail
Pharma 10%
16%
Specialised Mid
industries 36% Large
Services
11% 20%
22%
Country Currency
Great Britain Switzerland CHF
28% 15% 14%
DKK
EUR
7%
56%
Germany
14%
GBP
Denmark
23%
France 8%
23% 14
Spain
16%

15. EDM Strategy SICAV Portfolio
Sustainable Earnings Growth…
EPS Growth
50%
40%
30%
20%
10%
0%
∆ EPS EDM Strategy: +11,4% CAGR
-10%
∆ EPS DJ Stoxx 600: + 5,3% CAGR
-20%
-30%
2002 2003 2004 2005 2006 2007 2008 2009 2010 e 2011 e
EDM Strategy DJ Stoxx 600
… should be rewarded
P/E EDM STRATEGY (12m forward)
30
28
26
24
22
20
18
16
14
12
15
10
1993 1995 1997 1999 2001 2003 2005 2007 2009 2011e

16. Performance over the crisis period
16

17. EDM Strategy SICAV Performance over the crisis period
EDM Strategy vs. Stoxx50 since the beginning of the crisis
10%
-38% +45%
0%
-10%
-10%
EDM Strategy
-20%
-30%
-40%
-58% Stoxx 50 - 43%
-50%
-60%
+34%
10
1
11
8
08
9
09
07
0
-1
-0
-0
-1
p-
p-
p-
p-
p-
ar
ar
ar
ar
se
se
se
se
se
m
m
m
m
17

18. EDM Strategy SICAV Performance over the crisis period
EDM Strategy vs. Stoxx50 since the beginning of the crisis
Higher return...
... and lower volatility
18

19. EDM Strategy SICAV Performance over the crisis period
EDM Strategy vs. its Peers since the beginning of the crisis
EDM Strategy MSCI Europe Growth Index European Equity Growth Big Cap (Category)
Source: Morningstar
ED ED ED ED E
M M M M D
M
19

20. EDM Strategy SICAV Performance over the crisis period
EDM Strategy vs. Competitors since the beginning of the crisis
ED EDM EDM ED
ED M
M M
20

21. Fund Managers
21

22. EDM Strategy Sicav Fund Managers
Ricardo Vidal, 42. CO-CIO
Fund Manager of EDM Strategy and Consumption Sector Specialist
Holds an MBA from ESADE University (Barcelona). Worked at Banco Vitalicio (Insurance
Company) and Gesindex SGIIC (Financial Services) from 1993 until 1997. Holds the Certified of
European Financial Analyst (CEFA). Joined EDM in July 1997.
Adolfo Monclús, 38. CO-CIO.
Retail, Business Services and TMT´s Sector Specialist for EDM Strategy
Graduated in Business Administration by the Universitat Internacional de Catalunya & in
Economics Finance by Bentley College (USA). Holds an International MBA from Instituto de
Empresa (Madrid). Worked at Argentaria and BBVA in the Mid-Corporate Banking area. Joined
EDM in July 2005 after finishing his MBA.
Beatriz López, 34.
Fund Manager of EDM Strategy and Medical, Food and Insurance Specialist
Graduated in Economics from Universitat Pompeu Fabra (UPF) in 1999, followed by a Masters
Degree in Finance from CEMFI (Bank of Spain) in 2001. Holds the Chartered Alternative
Investment Analyst (CAIA) by the CAIA Association. She started her career at Banco Sabadell
where she became Senior Equity Analyst. Joined EDM in 2007.
22

23. EDM Strategy Sicav Fund Managers
Juan Grau 66.
Grau, Gonzalo Cuadrado 41.
Cuadrado,
Spanish Stocks Specialist for EDM Strategy Pharmacy, construction and infraestructure
Sector Specialist for EDM Strategy
He worked in several industrial companies as CFO during 16
years. Joined EDM in 1989 where he has always worked on Graduated in Economy by the University of
Investment Management as a fund manager. Holds a Barcelona (UB). Holds a Master in Finances by the
degree in Economics and a PDE IESE Business School. IEAF, the CEFA and CIIA. Worked as a fund
Manager of EDM Inversion since 1989. manager in Caixa Penedès. Analyst and portfolio
manager in EDM since 2004.
Alberto Fayos 39.
Fayos,
• No distinction between analyst & portfolio manager
Specialised industries and Financials Sector Specialist
for EDM Strategy
• Collective discussion. Individual decision
Holds a Bachelor in Actuarial and Finances and a Degree
in Statistics from University of Barcelona (UB) . Holds the
CEFA Certified. Worked at Gaesco Gestión SCIIC from
1997 until 2005. Worked at Banc Sabadell Gestión SGIIC • Investment Team over the last 6 years:
from 2006 until 2009. Joined EDM in March 2009 as an Non-existent staff turnover
Analyst and Portfolio Manager.
23
EDM Group

24. European Equities
24

25. EDM Strategy Sicav European Equities
European Equities valuation reaching 30 years low
P/E
25

26. EDM Strategy Sicav European Equities
Divergences between profits and prices during 2010 & 2011
26

27. About EDM
27

28. EDM Strategy Sicav About EDM
• 23 Years´s experience: founded in 1989
• Leading independent manager in Spain: AUM € 1.2 bn
• Independent: - Fully owned by the Group´s Management
- Focused exclusively on Asset Management
AUM
1163 M€
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29. EDM Strategy Sicav About EDM
Regulated companies in three European domiciles
EDM
HOLDING, S.A.
100%
Company EDM SERVICIOS EDM GESTIÓN EDM FUND EDM ASSET
FINANCIEROS S.A. SGIIC MANAGEMENT, S.A. MANAGEMENT, Ltd
S.A. AV
Country Spain Spain Luxembourg Ireland
Discretionary Domestic Funds International Fund of
Service Management & SICAVs SICAVs Hedge Funds
29

30. EDM Strategy Sicav About EDM
EDM performance with other asset types
Spanish Equities Credit Short Duration (Investment Grade)
EDM Inversion FI EDM Ahorro FI
30
All EDM return data are expressed in euros and are stated net of expenses and fees.

31. Summary
31

32. EDM Strategy Sicav Summary
10 reasons for investing in EDM Strategy Sicav
1. Consistent returns above benchmark (+4% annual outperformance)
2. Very small volatility for an equity fund (-4% annual bellow benchmark)
3. Excellent relative performance throughout the financial crisis (2007-2011)
4. Stable investment philosophy all over 23 years
5. Unique and tested investment process developed by an experienced management team
6. Very high quality (ROE) and liquid concentrated portfolio
7. Defensive strategy: focus on "ensured growth" without leveraged or cyclical sectors
8. Portfolio valuation at historial minimum levels
9. Poor overlapping and low correlation with other fund managers
10. Complementary with other equity styles
32

33. EDM Strategy Sicav Summary
33

34. www.edm.es
Ignacio Pedrosa
Head of Investor Relations
+34 636814186
+34 914110398
ipedrosa@edm.es
LEGAL NOTICE
1) This information represents disclosure by EDM and is intended merely to inform those to whom it is addressed in compliance with the code of cunsuct applying to all investment services in Spain. For this reason
efforts have been made to ensure that it is sufficient and understandable to anybody likely to receive it.
Given that the information may refer to or include separate additional documentation, the recipient is invited to request this from EDM.
If, within the body of information in this notification, there should be any offer regarding products, financial instruments or services, the recipients thereof also have at their disposition supplementary or additional
documentation which will enable them to authorise all the terms and conditions pertaining to the offer of interest to them.
2) EDM is a securities broker registered in Spain (Avda. Diagonal 399 3º 1ª, 08008 Barcelona) and is authorised to provide investment services with regard to securities and financial instruments for clients, in relation
to whom it is subject to the supervision of the Comisión Nacional del Mercado de Valores (National Securities Market Commission) (CNMV, Paseo de la Castellana 19, 28046 Madrid), where it is registered under
number 139. The broker is a member of the Fondo de Garantía de Inversiones (FOGAIN, the Investment Guarantee Fund).
3) The recipients of this information should bear in mind that any results or data provided may be subject to fees, commission, taxes, expenses or duties, which could lead to a reduction in the gross return, which
will depend on the particular nature of each case.
4) It is here left on record that the instruments described in this information are subject to the impact of various common causes, such as:
i- Alterations to the markets due to unforeseen circumstances
i- Liquidity risks and others which affect the progress of the investment.
5) Within this information here figures appear that refer to past returns for the products mentioned. It is obvious that such information should be used as a reference and as valid background data to reach one’s
own conclusions, but under no circumstances should it be employed as an indicator guaranteeing future performance.
By the same token, the information contained that might simulate future trends for any product and its performance must, for identical reasons as those cited for past data, be considered as a valid reference to
reach one’s own conclusions but in no way seen as a guarantee of returns that will be obtained.
6) Within this documentation there may be figures based on currencies other than those used by recipients hereof. For this reason consideration should be given to any possible change upwards or downwards in the
value of the currency and how this affects the results for the products or instruments proposed.
This document is reserved for professional investors only as defined by the MIFID